Speculation began running rampant that the actress might be engaged to boyfriend Charlie McDowell after she was spotted wearing a ring on, yes, that finger.

The sparkly sighting took place on Tuesday, Jan. 21, at the 2014 Sundance Film Festival in Park City, Utah. What's more, a source at Sundance told E! News that the two are indeed preparing to tie the knot.

However, when we reached out for comment, McDowell's manager told E! News that his client and Rooney are not engaged, saying it is 100 percent not true. Meanwhile, Rooney's rep said she does not comment on speculations about her client's personal life.

Rooney is currently at Sundance to support McDowell's latest directorial film The One I Love, starring Elisabeth Moss, Mark Duplass and stepfather Ted Danson. (His mom is Mary Steenburgen and his father is Malcom McDowell.)

Reports of the couple first surfaced in January 2012, after the lovebirds were spotted smooching while out and about. Since then, the pair have kept a relatively low profile (aside from casual shopping trips here and there) throughout the last couple of years.

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